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Nigeria - Soybean Oilcake - Market Analysis, Forecast, Size, Trends And Insights
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Nigeria: Soybean Oilcake Market Overview 2021

Soybean Oilcake Market Size in Nigeria

In 2020, the Nigerien soybean oilcake market increased by X% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +X% over the period from 2007 to 2020; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2009 when the market value increased by X% against the previous year. Over the period under review, the market attained the maximum level in 2020 and is likely to continue growth in years to come.

Soybean Oilcake Production in Nigeria

In value terms, soybean oilcake production totaled $X in 2020 estimated in export prices. The total output value increased at an average annual rate of +X% over the period from 2007 to 2020; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2009 with an increase of X% against the previous year. Over the period under review, production hit record highs in 2020 and is expected to retain growth in the immediate term.

Soybean Oilcake Exports

Exports from Nigeria

In 2020, shipments abroad of soybean oilcake increased by X% to X tonnes for the first time since 2017, thus ending a two-year declining trend. In general, exports, however, continue to indicate a noticeable decline. The pace of growth was the most pronounced in 2014 when exports increased by X% y-o-y. Over the period under review, exports reached the maximum at X tonnes in 2017; however, from 2018 to 2020, exports remained at a lower figure.

In value terms, soybean oilcake exports rose to $X in 2020. Overall, exports, however, recorded tangible growth. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. As a result, exports attained the peak of $X. From 2018 to 2020, the growth exports failed to regain the momentum.

Exports by Country

India (X tonnes) and France (X tonnes) were the main destinations of soybean oilcake exports from Nigeria, with a combined X% share of total exports.

From 2007 to 2020, the biggest increases were in India (+X% per year).

In value terms, India ($X) and France ($X) were the largest markets for soybean oilcake exported from Nigeria worldwide, together accounting for X% of total exports.

India (+X% per year) recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review.

Export Prices by Country

The average soybean oilcake export price stood at $X per tonne in 2020, picking up by X% against the previous year. In general, the export price continues to indicate strong growth. The pace of growth appeared the most rapid in 2013 an increase of X% against the previous year. As a result, export price attained the peak level of $X per tonne. From 2014 to 2020, the growth in terms of the average export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2020, the country with the highest price was India ($X per tonne), while the average price for exports to France amounted to $X per tonne.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to India.

Soybean Oilcake Imports

Imports into Nigeria

In 2020, soybean oilcake imports into Nigeria shrank notably to X tonnes, which is down by -X% compared with 2019. Overall, imports showed a sharp descent. The pace of growth was the most pronounced in 2011 with an increase of X% y-o-y. Imports peaked at X tonnes in 2012; however, from 2013 to 2020, imports stood at a somewhat lower figure.

In value terms, soybean oilcake imports declined rapidly to $X in 2020. Over the period under review, imports saw a sharp reduction. The growth pace was the most rapid in 2011 when imports increased by X% y-o-y. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2020, imports stood at a somewhat lower figure.

Imports by Country

In 2020, Argentina (X tonnes) was the main supplier of soybean oilcake to Nigeria, with a X% share of total imports. Moreover, soybean oilcake imports from Argentina exceeded the figures recorded by the second-largest supplier, Brazil (X tonnes), more than tenfold.

From 2007 to 2020, the average annual growth rate of volume from Argentina amounted to -X%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (-X% per year) and Benin (-X% per year).

In value terms, Argentina ($X) constituted the largest supplier of soybean oilcake to Nigeria, comprising X% of total imports. The second position in the ranking was occupied by Brazil ($X), with a X% share of total imports.

From 2007 to 2020, the average annual growth rate of value from Argentina totaled -X%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (-X% per year) and Benin (-X% per year).

Import Prices by Country

The average soybean oilcake import price stood at $X per tonne in 2020, approximately equating the previous year. In general, import price indicated temperate growth from 2007 to 2020: its price increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, soybean oilcake import price increased by +X% against 2017 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by X% against the previous year. The import price peaked at $X per tonne in 2014; however, from 2015 to 2020, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was Brazil ($X per tonne), while the price for Benin ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Argentina, while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for soybean oilcake in the world?
+
The country with the largest volume of soybean oilcake consumption was China (37M tonnes), accounting for 15% of total volume. Moreover, soybean oilcake consumption in China exceeded the figures recorded by the second-largest consumer, the U.S. (17M tonnes), twofold. The third position in this ranking was occupied by India (15M tonnes), with a 6% share.
What are the largest producers of soybean oilcake in the world?
+
The countries with the highest volumes of soybean oilcake production in 2020 were China (38M tonnes), the U.S. (26M tonnes) and Argentina (25M tonnes), together accounting for 38% of global production. India, Brazil, Pakistan, Russia, Germany, Nigeria, Japan, Bangladesh and Ethiopia lagged somewhat behind, together accounting for a further 32%.
What are the leading suppliers of soybean oilcake to Nigeria?
+
In value terms, Argentina ($166K) constituted the largest supplier of soybean oilcake to Nigeria, comprising 90% of total imports. The second position in the ranking was occupied by Brazil ($10K), with a 5.5% share of total imports.
What are the leading importers of soybean oilcake from Nigeria?
+
In value terms, India ($725K) and France ($400K) were the largest markets for soybean oilcake exported from Nigeria worldwide, with a combined 97% share of total exports.
What is the average export price for soybean oilcake in Nigeria?
+
In 2020, the average soybean oilcake export price amounted to $523 per tonne, increasing by 1.8% against the previous year.
What is the average import price for soybean oilcake in Nigeria?
+
The average soybean oilcake import price stood at $428 per tonne in 2020, leveling off at the previous year.

Product coverage:
• Prodcom 10414130 - Oilcake and other solid residues resulting from the extraction of soya-bean oil

This report provides an in-depth analysis of the soybean oilcake market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2025.


Country coverage:
• Nigeria

Data coverage:
• Market volume and value
• Per Capita consumption
• Forecast of the market dynamics in the medium term
• Trade (exports and imports) in Nigeria
• Export and import prices
• Market trends, drivers and restraints
• Key market players and their profiles

Reasons to buy this report:
• Take advantage of the latest data
• Find deeper insights into current market developments
• Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:
1. How to diversify your business and benefit from new market opportunities
2. How to load your idle production capacity
3. How to boost your sales on overseas markets
4. How to increase your profit margins
5. How to make your supply chain more sustainable
6. How to reduce your production and supply chain costs
7. How to outsource production to other countries
8. How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business

1.1
REPORT DESCRIPTION
1.2
RESEARCH METHODOLOGY AND AI PLATFORM
1.3
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
1.4
GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance

2.1
KEY FINDINGS
2.2
MARKET TRENDS
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects

3.1
MARKET SIZE
3.2
MARKET STRUCTURE
3.3
TRADE BALANCE
3.4
PER CAPITA CONSUMPTION
3.5
MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCTS

Finding New Products to Diversify Your Business

4.1
TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
4.2
BEST-SELLING PRODUCTS
4.3
MOST CONSUMED PRODUCT
4.4
MOST TRADED PRODUCT
4.5
MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain

5.1
TOP COUNTRIES TO SOURCE YOUR PRODUCT
5.2
TOP PRODUCING COUNTRIES
5.3
TOP EXPORTING COUNTRIES
5.4
LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports

6.1
TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
6.2
TOP CONSUMING MARKETS
6.3
UNSATURATED MARKETS
6.4
TOP IMPORTING MARKETS
6.5
MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry

7.1
PRODUCTION VOLUME AND VALUE
8. IMPORTS

The Largest Import Supplying Countries

8.1
IMPORTS FROM 2007–2020
8.2
IMPORTS BY COUNTRY
8.3
IMPORT PRICES BY COUNTRY
9. EXPORTS

The Largest Destinations for Exports

9.1
EXPORTS FROM 2007–2020
9.2
EXPORTS BY COUNTRY
9.3
EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles

LIST OF TABLES
Table 1:
Key Findings In 2020
Table 2:
Market Volume, In Physical Terms, 2007–2020
Table 3:
Market Value, 2007–2020
Table 4:
Per Capita Consumption In 2007–2020
Table 5:
Imports, In Physical Terms, By Country, 2007–2020
Table 6:
Imports, In Value Terms, By Country, 2007–2020
Table 7:
Import Prices, By Country Of Origin, 2007–2020
Table 8:
Exports, In Physical Terms, By Country, 2007–2020
Table 9:
Exports, In Value Terms, By Country, 2007–2020
Table 10:
Export Prices, By Country Of Destination, 2007–2020
LIST OF FIGURES
Figure 1:
Market Volume, In Physical Terms, 2007–2020
Figure 2:
Market Value, 2007–2020
Figure 3:
Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2007–2020
Figure 4:
Market Structure – Domestic Supply vs. Imports, In Value Terms, 2007–2020
Figure 5:
Trade Balance, In Physical Terms, 2007–2020
Figure 6:
Trade Balance, In Value Terms, 2007–2020
Figure 7:
Per Capita Consumption, 2007–2020
Figure 8:
Market Forecast To 2025
Figure 9:
Products: Market Size And Growth, By Type
Figure 10:
Products: Average Per Capita Consumption, By Type
Figure 11:
Products: Exports And Growth, By Type
Figure 12:
Products: Export Prices And Growth, By Type
Figure 13:
Production Volume And Growth
Figure 14:
Exports And Growth
Figure 15:
Export Prices And Growth
Figure 16:
Market Size And Growth
Figure 17:
Per Capita Consumption
Figure 18:
Imports And Growth
Figure 19:
Import Prices
Figure 20:
Production, In Physical Terms, 2007–2020
Figure 21:
Production, In Value Terms, 2007–2020
Figure 22:
Imports, In Physical Terms, 2007–2020
Figure 23:
Imports, In Value Terms, 2007–2020
Figure 24:
Imports, In Physical Terms, By Country, 2020
Figure 25:
Imports, In Physical Terms, By Country, 2007–2020
Figure 26:
Imports, In Value Terms, By Country, 2007–2020
Figure 27:
Import Prices, By Country Of Origin, 2007–2020
Figure 28:
Exports, In Physical Terms, 2007–2020
Figure 29:
Exports, In Value Terms, 2007–2020
Figure 30:
Exports, In Physical Terms, By Country, 2020
Figure 31:
Exports, In Physical Terms, By Country, 2007–2020
Figure 32:
Exports, In Value Terms, By Country, 2007–2020
Figure 33:
Export Prices, By Country Of Destination, 2007–2020

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